Every divorce is different, and depending on the complexity of your circumstances, you may be required to produce various documents to support any claims you need to make during the process.
Gathering information or knowing where you can find it ahead of time can help relieve the stress of preparing for divorce.
Financial information
- Income tax returns (consider how many years you may need to go back to)
- Notices of assessment
- Bank statements
- Investment statements
- Credit card and Line of Credit statements
- Property tax statements
- Valuation estimates (home, vacation property, business)
- Valuation estimates for jewelry, antiques, art, collectibles, etc. (use your insurance schedule, if available)
- Livestock inventory (if applicable)
- Previously completed financial plans
- Pension statements/valuations
- CPP/QPP eligibility statements
- Estimated living expenses
- Loan and mortgage statements
- Credit report
- Insurance policies and statements (personal and business)
Business information
- Business organizational chart
- Share ownership details, including class, adjusted cost, and paid-up capital for any private corporations/partnerships/joint ventures
- Unanimous Shareholder Agreement for any privately held corporations/partnerships/joint ventures
- Financial statements for any private corporations/partnerships/joint ventures
- Corporate tax returns for private corporations/partnerships/joint ventures
- Corporate notices of assessment
Personal information
- Pre- or post-nuptial agreement
- Safety deposit box contents
Items to consider updating
- Emergency contact information for schools/daycare/sports organizations
- Address changes
- Email address
- Account ownership for utilities, telephone, streaming services, memberships and reward points
- Estate planning documents (Will, POA and Personal Directive)
- Beneficiary designations (TFSAs, RRSPs, pensions, life insurance)
- Any pre-authorized payment instructions
- Health insurance coverage
- Financial plan
- Estate plan
Other things to do
- Close joint accounts
- Open new accounts solely in your name
- Notify tax authority (CRA Form RC65 – Marital Status Change)
- Change access usernames and passcodes
- Consider creating a trust to ensure your wealth follows your desired path after your death
Going through a divorce can be a complicated process. The Dri Financial Group can help you navigate the complex financial decisions during a divorce and plan for a more secure financial future.
source https://richarddri.ca/going-through-a-divorce-this-checklist-can-help-you-prepare/
Dri Financial Group 